Hypothetically speaking, were Greece to abandon the euro and re-introduce the drachma
, the effects felt here would go beyond the devaluation of Cypriot banks' loans abroad, said Bernard Musyck, an associate professor of economics at Frederick University and a former country analyst with Moody's.
Lafazanis, leader of a hardline faction in the ruling Syriza party that has argued for a return to the drachma
, said the move would have allowed pensions and public sector wages to be paid if Greece were forced out of the euro.
On Tuesday, Greek media reported that Tsipras had asked Russian President Vladimir Putin for $10 billion to facilitate the printing of drachmas
, which was the national currency of Greece before the country joined the Eurozone.
GREECE is on the verge of dumping the euro and going back to the drachma
as it prepared yesterday to default on its loans.
The company is reported to be preparing to print an alternative Greek currency and has retrieved old moulds of drachma
But the company, which prints notes for the Bank of England and 150 other countries, refused to comment on wide speculation that it is preparing to start making drachmas
in case Greece crashes out of the eurozone.
HSBC has already reduced its exposure to Greece, and has also trained staff at its branch network in the event of any contingency regarding managing Information Technology systems, branch funding, how to deal with customers and how to update ATM systems to dispense drachmas
If Germany decides not to help Greece, Greece will have no choice but to print drachmas
Such an exit would be messy; loans and other financial instruments denominated in euros would have to be converted to drachmas
at an exchange rate to be determined, and the euro would continue to be used as a parallel underground currency.
I did laugh the other day when I heard that older Greek people have millions of drachmas
stuffed under their mattresses for a rainy day.
Yousef Kanjo, the director of archaeological excavations at Aleppo Department of Archaeology and Museum, said that the box contained two groups of silver Hellenistic coins: 137 tetra drachma
) coins and 115 drachma
Director of archeological excavations at Aleppo Department of Archeology and Museum Yousef Kanjo said the box contained two groups of silver Hellenistic coins: 137 tetra drachma
) coins and 115 drachma
For example, a wheat account would be recorded in bushels of wheat rather than drachmas
or some other monetary unit of currency (Webster, 1973).
A companion book to this book is the author's Ancient Athens on 5 Drachmas
a Day (see above).
He then took up a collection among all his soldiers, amounting to two thousand silver drachmas
, which he sent to Jerusalem to provide for an expiatory sacrifice.